Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Commercial National Reports June 30, 2022 Earnings

LATROBE, PA / ACCESSWIRE / July 21, 2022 / Commercial National Financial Corporation (OTCQX:CNAF)(Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended June 30, 2022. The Company earned $932,000 (or $0.33 per average share outstanding) in the second quarter 2022 compared to $1,001,000 (or $0.35 per average share outstanding) in the second quarter of 2022. The Company earned $1,905,000 (or $0.67 per average share outstanding) for the six-month period ended June 30, 2022 and $2,069,000 (or $0.72 per average share outstanding) for the six-month period ended June 30, 2021. Tier one risk-based, total risk-based, leverage and common equity tier one capital ratios at June 30, 2022 were 21.74% ($56,787,000), 22.55% ($56,787,000), 12.63% ($58,902,000) and 21.74% ($56,787,000) respectively.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 489,660 shares, or 17.12% on June 30, 2022.

As disclosed each year in the Annual Report to Shareholders, on June 30, 2022, the Company employed 82 people in full-time and part-time positions. Thirty-four (34) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty(30) employees are full-time and there are four (4) part-time employees. The Company has had unionized employees since 1972. In October 2018, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 16, 2019. The labor agreement will expire in February 2024. The Commonwealth of Pennsylvania and the National Labor Relations Board both afford protection to the organized status of pre-existing collective bargaining units. The Company has been advised that bargaining unit status limits the Company's strategic options relative to those of non-unionized insured depository institutions. The Company continues to consider this as a factor in its strategic and capital management decisions.

The Company operates seven community banking facilities in Hempfield Township, Latrobe, Ligonier, Unity Township and West Newton, Pennsylvania and also maintains a commercial business development sales force throughout its entire market area. The Company operates an asset management and trust division of Commercial Bank & Trust of PA headquartered in Greensburg, Pennsylvania. Commercial Bank & Trust of PA also serves its customer base from an Internet banking site (www.cbthebank.com) and an automated TouchTone Teller banking system.

Safe Harbor Statement

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are based on information currently available to the Company, and the Company assumes no obligation to update these statements as circumstances change. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including changes in general economic and financial market conditions, unforeseen credit problems, and the Company's ability to execute its business plans. The actual results of future events could differ materially from those stated in any forward-looking statements herein.

COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands, except per share data)

June 30, December 31, June 30,
2022 2021 2021
ASSETS
Cash and due from banks on demand
$4,691 $3,168 $4,806
Interest bearing deposits with banks
4,790 30,164 58,417
Total cash and cash equivalents
9,481 33,332 63,223
Securities available for sale
177,879 194,936 128,633
Restricted investments in bank stock
645 145 145
Loans
208,362 216,639 234,532
Allowance for loan losses
(2,115) (2,093) (1,991)
Net loans
206,247 214,546 232,541
Premises and equipment
2,635 2,580 2,629
Accrued interest receivable
2,211 1,719 1,627
Investment in Life Insurance
17,921 17,655 19,332
Other real estate owned
3,150 3,399 -
Other assets
6,813 3,663 1,367
Total assets
$426,982 $471,975 $449,497
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing
$165,932 $167,513 $164,726
Interest bearing
208,922 235,299 215,455
Total deposits
374,854 402,812 380,181
Short-term borrowings
12,736 - -
Other liabilities
1,700 4,181 4,067
Total liabilities
389,290 406,993 384,248
Shareholders' equity:
Common stock, par value $2 per share; 10,000,000 shares authorized; 3,600,000 shares issued; 2,860,953 shares outstanding in 2022 and 2021
7,200 7,200 7,200
Retained earnings
62,558 62,141 61,012
Accumulated other comprehensive (loss) income
(19,522) 8,185 9,581
Less treasury stock, at cost, 739,047 shares in 2022 and 2021
(12,544) (12,544) (12,544)
Total shareholders' equity
37,692 64,982 65,249
Total liabilities and shareholders' equity
$426,982 $471,975 $449,497

COMMERCIAL NATIONAL FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)

Three Months Six Months
Ended June 30 Ended June 30
2022 2021 2022 2021
(unaudited) (unaudited) (unaudited) (unaudited)
INTEREST INCOME:
Interest and fees on loans
$2,102 $2,434 $4,225 $4,949
Interest and dividends on securities:
Taxable
1,175 981 2,350 1,966
Exempt from federal income taxes
523 217 1,029 445
Other
9 13 17 20
Total Interest income
3,809 3,645 7,621 7,380
INTEREST EXPENSE:
Interest on deposits
49 58 105 115
Interest on short-term borrowings
17 - 17 -
Total Interest expense
66 58 122 115
NET INTEREST INCOME
3,743 3,587 7,499 7,265
PROVISION FOR LOAN LOSSES
- - 14 -
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
3,743 3,587 7,485 7,265
OTHER OPERATING INCOME:
Asset management and trust income
358 380 733 738
Service charges on deposit accounts
167 172 319 338
Net Security (losses) gains
(23) 45 (10) 46
Losses on other real estate
(185) - (172) -
Income from investment in life insurance
125 122 248 245
Other income
78 37 125 91
Total other operating income
520 756 1,243 1,458
OTHER OPERATING EXPENSES:
Salaries and employee benefits
1,758 1,822 3,643 3,653
Net occupancy expense
167 200 371 422
Furniture and equipment
130 132 243 245
Pennsylvania shares tax
148 164 307 314
Legal and professional
172 109 283 210
FDIC insurance
36 31 60 61
Other real estate expense
15 - 177 -
Other expenses
832 704 1,581 1,385
Total other operating expenses
3,258 3,162 6,665 6,290
INCOME BEFORE INCOME TAXES
1,005 - 1,181 2,063 2,433
Income tax expense
73 180 158 364
Net income
$932 $1,001 $1,905 $2,069
Average Shares Outstanding
2,860,953 2,860,953 2,860,953 2,860,953
Earnings Per Share
$0.33 $0.35 $0.67 $0.72

SOURCE: Commercial National Financial Corporation



View source version on accesswire.com:
https://www.accesswire.com/709379/Commercial-National-Reports-June-30-2022-Earnings

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.